Income tax slab rate for Fy 2018 -19 or AY 2019 - 20



Income Tax Slab  For FY 2018-19

The finance minister during his budget speech has announced  that there will be no change in the structure of the income tax rates for individuals.

There is a proposal of 4% Heath and education cess

Here are the Proposed income tax slab rates  in India for different categories of tax payers for FY 2018-19:


Income Tax Slab Rate for men below 60 Years of Age

Income upto Rs. 2,50,000 - Nil
Income between Rs. 2,50,001 - Rs. 500,000 - 5%


Income between Rs. 500,001 - Rs. 10,00,000 - 20%

Income above Rs. 10,00,000 - 10 %

30% of Income exceeding Rs. 10,00,000

Plus:

Surcharge:

10% of tax where total income exceeds Rs. 50 lakh

15% of tax where total income exceeds Rs. 1 crore

Health & Education cess: 4% of tax plus surcharge



Income Tax Slab Rate for Women below 60 Years of Age



Income up to Rs. 2,50,000 - Nil

Income between Rs. 2,50,001 - Rs. 500,000 -5% of Income exceeding Rs. 2,50,000

Income between Rs. 500,001 - Rs. 10,00,000 - 20% of Income exceeding Rs. 5,00,000

Income above Rs. 10,00,000 - 30% of Income exceeding Rs. 10,00,000

Plus:

Surcharge:

10% of tax where total income exceeds Rs. 50 lakh

15% of tax where total income exceeds Rs. 1 crore

Health & Education cess: 4% of tax plus surcharge



Income Tax Slab Rate for Senior Citizens (Age 60 years or more but less than 80 years)

Income upto Rs. 3,00,000 - Nil

Income between Rs. 3,00,001 - Rs. 500,000 - 5% of Income exceeding Rs. 3,00,000

Income between Rs. 500,001 - Rs. 10,00,000 - 20% of Income exceeding Rs. 5,00,000

Income above Rs. 10,00,000 - 30% of Income exceeding Rs. 10,00,000

Plus:

Surcharge:

10% of tax where total income exceeds Rs. 50 lakh

15% of tax where total income exceeds Rs. 1 crore

Health & Education cess: 4% of tax plus surcharge





Income Tax Slab Rate for Senior Citizens (Age 80 years or more)

Income upto Rs. 5,00,000 - Nil

Income between Rs. 500,001 - Rs. 10,00,000 - 20% of Income exceeding Rs. 5,00,000

Income above Rs. 10,00,000 - 30% of Income exceeding Rs. 10,00,000

Plus:

Surcharge:
10% of tax where total income exceeds Rs. 50 lakh

15% of tax where total income exceeds Rs. 1 crore

Health & Education cess: 4% of tax plus surcharge



Income Tax Slab Rate Hindu Undivided Families (HUF)

Income up to Rs. 2,50,000 - Nil

Income between Rs. 2,50,001 - Rs. 500,000 - 5% of Income exceeding Rs. 2,50,000

Income between Rs. 500,001 - Rs. 10,00,000 - 20% of Income exceeding Rs. 5,00,000

Income above Rs. 10,00,000 - 30% of Income exceeding Rs. 10,00,000

Plus:

Surcharge:

10% of tax where total income exceeds Rs. 50 lakh

15% of tax where total income exceeds Rs. 1 crore

Health & Education cess: 4% of tax plus surcharge



Partnership Firms

Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 Crore

Health & Education cess: 4% of tax plus surcharge


Local Authorities

Local Authorities are to be taxed at the rate of 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 Crore

Health & Education cess: 4% of tax plus surcharge


Domestic Companies

Domestic Companies are to be taxed at the rate of 30%. However, tax rate will be 25% if turnover or gross receipt of the company does not exceed Rs. 250 crores.

 Plus:

Surcharge:

7% of tax where total income exceeds Rs. 1 Crore

12% of tax where total income exceeds Rs. 10 Crore

Health & Education cess: 4% of tax plus surcharge


Income Tax Slab Rate of Co-operative Societies


Up to Rs.10,000 - 10% of Income

Rs.10,000 to Rs 20,000 - 20% of Income exceeding Rs. 10,000

Over Rs. 20,000 - 30% of Income exceeding Rs. 20,000

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 Crore

Health & Education cess: 4% of tax plus surcharge





Eligibility criteria for claiming rebate u/s 87A for FY 2018-19


No further changes have been proposed in the Finance Bill towards the rebate for FY 2018-19. In order to claim the rebate under Section 87A for the financial year 2018-19, an individual’s total income doesn’t exceed Rs 3,50,000.

2500 Rs rebate

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